Randolph Law Firm, P.C.

June 2012 Archives

Singer R. Kelly faces huge tax debt

Tax debt has the potential to affect anyone in Las Vegas or anywhere else, no matter their level of income. Recent news is spotlighting R&B star R. Kelly and the large amount of unpaid taxes he has hanging over his head. Reports show he has a huge tax debt of close to $5 million.

Independent contractor or employee? IRS audits take a close look

In the recent economic downturn, many businesses are looking for ways to save money. For some, restructuring the way they classify their staffing can bring significant savings to the bottom line. In certain lines of work, the distinction between hiring an employee versus an independent contractor can make a big difference in staffing costs. However, business owners in Nevada and elsewhere should be aware that the Internal Revenue Service is turning its attention to the practice through increased audits and is cracking down on misclassification of workers. It is important to know the rules and ensure that your company is in compliance in the event that you are selected for an audit by the IRS.

McCourt saga continues: tax issues being investigated

Las Vegas residents who follow professional baseball may be familiar with the McCourt saga. The couple who once owned the Dodgers recently went through a very bitter divorce. The team and the fans have continually questioned what happened to the team's finances and have leveled accusations against the McCourt's, claiming they plundered their finances during their time as owners.

States get aggressive with collecting tax debts

If our state follows in the footsteps of several other states, Nevada may soon request that the tax man get tougher on collecting tax debt as a way to avoid raising state taxes. A senior care facility operator was surprised when he received a $350,000 bill that charged a 9 percent restaurant tax on meals he served to seniors in the dining room. Others received tax bills of staggering amounts after being taken by surprise with changing tax laws. However, states that are struggling financially are now becoming very aggressive about collecting a tax debt to avoid having to raise taxes.

IRS Eases Offer-in-Compromise Requirements to Help More Taxpayers

An offer in compromise (OIC) allows you to settle your tax debt for less than the full amount you owe. It may be a legitimate option if you can't pay your full tax liability, or doing so creates a financial hardship. The IRS considers your unique set of facts and circumstances, such as ability to pay, income, expenses and asset equity. The IRS generally approves an offer in compromise when the amount offered represents the most we can expect to collect within a reasonable period of time.

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Randolph Law Firm, P.C.
6260 N. Durango Drive
Las Vegas, NV 89149

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